New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-23
A BIG FIRM GOES UNDER.
MITCHELL VANCE & co. TO DISSOLVE.

JUDGE DONOHUE WILL APPOINT RECEiVER-Ihh
ATTORNEY-GENERAL BRINGS SUIT
Proceedings have bscn begun by Attorncy-General
Dennis OBren behalf OF the people OF the State OF
Ncw.York against Mitchell, Vance Co., the welknown
manufacturers OF gas fixtures for dissolution OF the
corporation and to-day Justice Donohno OF the Supreme
Court will appoint a receiver Gifts property.
The complaint alleges that the defendant domestic
corporation organized May q 1873, and having rs prin
cipa place OF business No $50 Broadway has been
wholly nsolvent for at least past thar iaike
OF the existing Indebtedness is In the form VI
notes and obligations, some OF which nave p0'N pr
tested; that some OF the creditors a'o
non-resdents that actions are threatened against inc
defendant upon the outstanding obligations against H.
and that while the assets OF tho oeiehuah' "io $50
&75OOOO the liabilities are about @|'o'ooo' 0"so"
with a contingent liability customers notes. ihuors'u
by the defendant to extent OF about $51oooo more
In accordance with the demand OF the complaint
Frederlck O. Anderson attorney for the defendant con-
.crtinc Judgment will be taken to-day for the plalnun
that the corpot be dissolved that an inuncton
ISSUE restraining the corporation us trustees
directors managers and other officers from exercising
any corporate rights privileges or ranchses Ut
collecting receiving debt or demand or from pay
ing ont or in any way transferring delivering to any
person its moneys or property.
Tue will be required TO give bond oiSlooooo
All money required for immediate disbursement Will
be deposited 10y him with the United States Trust CON-
he Will the business olthe corporation
until otherwise ordered by the Court, retaining III his
hands sufficient funds for that purpose
Tho complaint was verified by Charles s. Bonnor. The
Attorney General represented by his assistant
John W. Hogan. and to the latter time to commun
cate with the Justice Donohue yes'er
day deferred the appointment OF receiver until To-Day
Meanwhile the judge made order that all persons
whOmsOever restrained from beginning any SUIT or
proceeding or taking any proceeding steps In any suit
already begun against Mitchell, Vance Co., or from In
terering in any with, creating any lien upon
the property defendant until the further order OF
the Court only made notice to the Atorney-Genera
and the defendant
The firm OF Mitchell Vance Co. is the largest eslap
lshment for the manufacture OF gas fixtures In THIS
country until recently had credit rating on the
books OF the commercial agencies Of over Sl,0Ooooo
Its capital stock 81 100000 The affairs OF the firm
prospered fSm its organization; its extensive
factories between Twenty fourth and Twentyhith'
running through from Tenth to Eleventh ave- were
with business, and It's officers and stockholders
congratulated themselves on owning one OF the nhesl
properties in the city. III, 90
But thunderbot fell In their midst when on April IL,
1856. Dennis c. Wilcox, the presldent OF the company
West Fiitieth-s 1t founfthat Mr.. Wilcox had dis
spated his private fortune OF 100000 IN reckless
speculation III stocks and too heavy INVESTMENT III
James X. keehes wheat deal and had besides involved
thu finances OF the company 10 disastrous extent q,
The details OF the impairment OF the capital socR OF
the company through the TRANSACTIONS Oh mr.
le m%edate eIver ae a'u' his death the STOCK
holders together aud endeayored 10 make
good tue losses of the company 1t is said mat so me
time before company had placed bonds for 5000 900
the market dra wing 3lO per cent Interest ana ur
Their secured By the personal guarantee OF the principal
stockholders Two these indorsers have since died,
Gordon W. Burnham aud Dennis Z. Wilcox aud Is said
that their estates liable Tor about SloO,OOO
AS troubles never come sngly, when the company han
tded the losses caused by Wicoxs TRANSACTIONS
without any percept0le loss of financial standing III the
business world, discovered that late was s against
It, Business began TO slacken aud prizes 10 10 down. In
addition. trouble with their worRmen resulted from AN
effort 10 their business economical basis ana
the company found 1t nad its hands full TO keep lis mead
above water Matters instead OF improving went from
bao TO and the crisis yesterday i'll the acon
for dissolution brought i'll the courts. .
iRiBUNE reporter called At the house OF Edgar NJ
Smith, No. East Sixty hfh-st last evening and was In
formed by Mr. Smiths son. ecudde that his father had
positively refused speak OF the affairs OF the company
10 Orters. 80" added Mr.. Smith III you see the
report of alleged interview with my father In the
morning you may be that IL has been manufact'
ar